PORTLAND, OR-San Francisco-based multifamily owner Prometheus Real Estate Group Inc. continues to expand its Pacific Northwest portfolio. The latest part of that expansion is the $51.2-million purchase of One Jefferson Parkway.
Jones Lang LaSalle facilitated the transaction from a joint-venture partnership of Glendale, CA-based American Realty Advisors and Fowler Property Acquisitions. The community consists of two-and three-story apartment buildings, a renovated clubhouse/leasing center, indoor swimming pool and spa, and a fully-equipped fitness center.
“The property is strategically located only 15 minutes from Prometheus’ downtown Portland assets and 20 minutes from our Hillsboro and Beaverton assets,” says executive vice president and partner John Millham, “One Jefferson Parkway remains the market leader in open space, amenities, finishes and ultimately rents.”
Millham points out that “Prometheus diligently pursued this off market deal because of the asset quality, affluent submarket and high barrier to entry nature of Lake Oswego.”
From its perch atop Mountain Park, the property enjoys panoramic views to the surrounding valleys in an extremely private setting, according to a prepared statement. Built in 1988, One Jefferson Parkway has been completely renovated in recent years including interior and exterior upgrades such as granite countertops, stainless steel appliances, and new cabinets.
According to the statement, One Jefferson Parkway offers a convenient commute to Portland CBD—eight miles—and the sunset corridor tech center—nine miles—with excellent accessibility to Interstate 5 and employment centers to the north and south.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
